Can anyone tell me , whether Interest Accrued on NSC is eligible as qualifying amount for Section 80 C for the assessment year 2011-12
2 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 07 February 2012
Entitled to claim benefit of section 80C on this re-invested interest.
The amount of interest re-invested will satisfy the test of having been paid out of income chargeable to tax to get the NSC and so will be entitled to deduction under section 80C.
>> The interest accrued every year is to be included in your taxable income.
Kaushik Dedhiya
(Associate CWA CA Final)
(133 Points)
Replied 07 February 2012
the intt accrued on NSCs is taxable under the head of Income From Other Sources and simulteneously the same is elegible for deduction under section 80C for all the years except the last year.
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